Pandora Media Inc (NYSE:P), the leading Internet radio service, today announced it has completed its acquisition of leading online music analytics provider, Next Big Sound, for an undisclosed sum. This acquisition gives Pandora a powerful analytics tool used by tens of thousands of music makers, labels and marketers looking for data and insights about artists and their fans.
Next Big Sound’s capabilities augment Pandora’s data-driven Artist Marketing Platform for music makers, featuring both Artist Insights as well as Artist Audio Messaging. Similarly, Pandora’s data, which reflects insights from nearly 80 million active monthly users, will be added to Next Big Sound’s offering and deliver an unprecedented trove of information to the music industry. (Original Source)
Shares of Pandora Media Inc opened today at $15.67 and are currently trading down at $15.33. P has a 1-year high of $30.48 and a 1-year low of $14.50. The stock’s 50-day moving average is $17.59 and its 200-day moving average is $16.88.
On the ratings front, Pandora Media has been the subject of a number of recent research reports. In a report issued on June 29, Suntrust Robinson Humphrey analyst Robert Peck maintained a Buy rating on P. Separately, on June 26, Canaccord Genuity’s Austin Moldow maintained a Buy rating on the stock and has a price target of $26.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Robert Peck and Austin Moldow have a total average return of 11.4% and -15.0% respectively. Peck has a success rate of 58.7% and is ranked #345 out of 3683 analysts, while Moldow has a success rate of 16.7% and is ranked #3517.
In total, one research analyst has rated the stock with a Sell rating, 4 research analysts have assigned a Hold rating and 11 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $20.44 which is 30.4% above where the stock opened today.
Pandora Media Inc provides internet radio services on smartphones, tablets, traditional computers and car audio systems, as well as other internet-connected devices.